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<br />(d) The City will cause its books and records to be audited at least <br />annually~ and will furnish copies of such audit reports to any interested <br />person upon request. <br /> <br />4.03. It is determined that at least 20% of the cost of the Improvements <br />will be specially assessed against benefitted properties. For the purpose of <br />paying the principal of and interest on the Bonds, there is levied a direct <br />annual irrepealable ad valorem tax (Taxes) upon all of the taxable property in <br />the City, which shall be spread upon the tax rolls and collected with and as <br />part of other general taxes of the City. The taxes will be credited to th~ Debt <br />Service Fund above provided and will be in the years and amounts as follows <br />(year stated being year of levy for collection the following year): <br /> <br />YEAR <br /> <br />LEVY <br /> <br />YEAR <br /> <br />LEVY <br /> <br />(See Attachment A) <br /> <br />4.04. It is hereby determined that the estimated collections of Assess- <br />ments and foregoing Taxes will produce at least five percent in excess of the <br />amount needed to meet when due the principal and interest payments on the Bonds. <br />The tax levy herein provided is irrepealable until all of the Bonds are paid, <br />provided that the City Clerk may annually, at the time the City makes its tax <br />levies, certify to the County Auditor the amount available in the Debt Service <br />Fund to pay principal and interest due during the ensuing year, and the County <br />Auditor will thereupon reduce the levy collectible during such year by the <br />amount so certified. <br /> <br />4.05. The City Clerk is authorized and directed to file a certified copy <br />of this resolution with the County Auditor of Anoka County and to obtain the <br />certificate required by Minnesota Statutes, Section 475.63. <br /> <br />Section 5. Authentication of Transcript. <br /> <br />5.01. T~e officers of the City are authorized and directed to prepare and <br />furnish to the Purchaser and to the attorneys approving the Bonds J certified <br />copies of proceedings and records of the City relating to the Bonds and to the <br />financial condition and affairs of the City J and such other certificates, <br />affidavits and transcripts as may be required to show the facts within their <br />knowledge or as shown by the books and records in their custody and under their <br />control, relating to the validity and marketability of the Bonds and such <br />instruments, including any heretofore furnished, may be deemed representations <br />of the City as to the facts stated therein. <br />